There was one less selling day in the current quarter. W.W. Grainger also said that uncertainty around sequestration hurt its sales to the government end market, which made up 15 percent of U.S. sales.

U.S. and Canadian sales rose 4 percent, as did sales for other businesses — which includes operations mostly in Asia, Europe and Latin America. Sales for the U.S. and Canada comprised about 89 percent of total sales for the quarter.

The Chicago company said that it now anticipates full-year earnings of $11.30 to $12 per share, up from $10.85 to $12 per share. It also raised the low end of its revenue forecast. W.W. Grainger now expects revenue will rise 5 percent to 9 percent. Its prior outlook called for 3 percent to 9 percent growth. Based on 2012's revenue of $8.95 billion, this implies $9.4 billion to $9.76 billion.

Analysts expect full-year earnings of $11.74 per share, on revenue of $9.59 billion.

W.W. Grainger's stock climbed $14.94, or 6.6 percent, to $240.64. In the first few minutes of trading, the shares hit a new all-time high of $245.46.